A FREEHOLD residential site valued at $261.1 million has been earmarked for disposal by Overseas Union Enterprise (OUE).
In a statement to the Singapore Exchange (SGX) yesterday, the mainboard-listed company disclosed it was engaged in preliminary discussions about the ‘possible disposal of its residential site at 21 Angullia Park’.
OUE paid a hefty $228.1 million, or $1,735 per sq ft (psf) of potential gross floor area, two years ago for the site of The Parisian condominium.
In the half-year financial report ended June 30, the site is valued at $261.1 million.
The company admitted it was looking to dispose of the land in response to a query from SGX, prompted by a 57 per cent jump in its share price last Friday to $14.50.
In stark contrast to its second-quarter net profit of $12.1 million a year ago, the company posted a net loss of $47.8 million for the same period this year. Continue reading
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